Swiss bank UBS has raised its price target on Alphabet (GOOGL) to $375 from $348 due to key factors such as accelerating Google Cloud growth, easing fears about ChatGPT eroding search ad revenue, and potentially profitable new business hidden inside the company's AI chip division. Despite maintaining a neutral rating, UBS believes the fundamental story at Alphabet is improving but the current stock price already knows it. Key themes include the potential for external Tensor Processing Unit (TPU) sales, which have historically powered the company’s AI workloads internally, and potential for a new revenue stream from external TPU sales. Despite these changes, UB maintains a neutral investment rating and believes current valuations already reflect near-term momentum.